For many consumers, the concept of credit card debt negotiation is something that they hear very negative things about and most banks would prefer to keep it that way. However when used under the right circumstances a debt negotiation strategy can be a very effective way to quickly get out of debt and save a lot of money. Even though banks negotiate less than full balance debt settlements every day, they work hard to give consumers the impression that they will not consider a negotiation or settlement of the principle debt amount. Instead they usually spend several months trying to keep the debtor making payments by offering lower interest rates if the consumer brings the account current. Of course this is the same bank that was not willing to help if you were current on your payments and called them asking for a lower rate. Most banks have a policy of trying to get as much money out of you for as long as they can and it is only when you say enough is enough and stop your payments, that they are willing to actually negotiate and make some concessions for the consumer. Credit card debt negotiation is something that a consumer can do directly with their bank, but a consumer is at a distinct disadvantage when it comes to negotiating debts. A professional who settles debts with banks every single day will obviously have some specifics insights to various creditor policies that consumers would have no way of knowing. A word of caution though when it comes to hiring a professional debt negotiator. Most of the advertisements you see online are nothing but sales organizations looking to charge you big fees so they can pocket a bulk of the money and then simply refer you over to some large organization that is going to treat you like just another cow in their large herd. Although much harder to find, there are some low cost and honest debt settlement companies that you can hire who will only charge you a fee after they have successfully negotiated your debt. Here are a few tips to help you determine if you are hiring the right company for the job. 1. Make sure they have an A rating with little to no complaints with the BBB. If the sales person gives you a song and dance about how all debt settlement companies have bad BBB ratings, just know that is a lie. The good companies have good ratings, there just aren’t that many of them out there. 2. Make sure the company charges fees only on performance and will not bill you until after you have agreed on and funded a settlement with a creditor. Many companies switched to a performance based fee model in 2010 after regulators forced them by law to do so. Look for a company who has always charged on performance, not one that simply switched because they had no choice. The companies that have been performance based for years are much more likely to be in business a few years from now than the ones who just recently changed their model. 3. Make sure the company has been in business for at least 5 years and has a successful track record of helping consumers. 4. Do a Google search on the company name and make sure there are no red flags like consumer complaints, Attorney General or class action lawsuits against the company etc. 5. Make sure the company you are speaking with is actually the one that will be settling your debts. Skip the sales affiliate and talk directly to the company that you will be working with for the next few years. You can typically save some money by going directly to the source. Credit Card Debt Negotiation is a great option for consumers who can no longer afford to pay their bills and want to avoid bankruptcy. Make sure to follow the tips above when selecting an honest professional to work with your creditors and help you through the process of becoming debt free.
Rejected Everywhere For A Merchant Account? We have a solution! Low – High-Risk Merchant Account Specialists. Unlimited Processing at 0%. No Contracts. No Shut Downs. No Set-Up & Application Fees. FREE Gateway Set-Up – Secured Transactions.
Open a New Merchant Account Here Now – OPEN MERCHANT ACCOUNT. PAYMENTS – PERFECTED.